UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Benchmark Electronics

In a report published Friday, Deutsche Bank reiterated its Hold rating on Benchmark Electronics (NYSE: BHE), but slightly lowered its price target from $16.00 to $15.00.Deutsche Bank noted, “New programs helped BHE achieve slightly better-than-expected F3Q-12 results, but F4Q-12 guidance was softer on increased customer caution and forecast reductions. Similar to other EMS providers, BHE noted that is saw a deterioration of demand in the last few weeks of September. We have reduced our estimated and cut our PT from $16 to $15. With BHE trading at a discount to book value, we see limited downside risk to the name, but we believe a challenged growth environment will limit upside. Maintain Hold.”Benchmark Electronics closed on Thursday at $14.51.